**Exhibit 99.1**

** **

 

# **CRESTWOOD RRH, LTD.**

# ** **

# **FINANCIAL STATEMENTS**

# ** **

# **DECEMBER 31, 2007 AND 2006**

 

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# **CRESTWOOD RRH, LTD.**

# ** **

# **FINANCIAL STATEMENTS**

# ** **

# **DECEMBER 31, 2007 AND 2006**

# ** **

### CONTENTS

 
| ** **                                               | **PAGE**        |
|----------------------------------------------------------|-----------------|
| ** **                                               | ** **      |
| Independent Auditors’ Report Letter                 | 3               |
|                                                     |            |
| Financial Statements:                                    |            |
|                                                     |            |
| Balance Sheets                                           | 4 &  5 |
|                                                     |            |
| Statements of Operations                                 | 6               |
|                                                     |            |
| Statements of Changes in Partners’ Equity (Deficit) | 7               |
|                                                     |            |
| Statements of Cash Flows                                 | 8               |
|                                                     |            |
| Notes to the Financial Statements                        | 9 - 11          |
|                                                     |            |
| Supplemental Information:                                |            |
|                                                     |            |
| Schedules of Expenses                                    | 12              |

 

2

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## Independent Auditors’Report

 

To the Partners of

CRESTWOOD RRH, LTD.

 

We have audited the accompanying balancesheets of CRESTWOODRRH, LTD. as of December 31, 2007 and 2006, and the related statementsof operations, changes in partners’ equity (deficit) and cash flows for theyears then ended.  These financialstatements are the responsibility of the General Partner and management of thePartnership.  Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance withthe Standards of the Public Accounting Oversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. The partnership has determined that it is not required to have, nor werewe engaged to perform, an audit of its internal control over financialreporting.  Our audit includedconsideration of internal control over financial reporting as a basis fordesigning audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of thepartnership’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financialstatements.  An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statementpresentation.  We believe that our auditsprovide a reasonable basis for our opinion.

 

In our opinion, the financial statementsreferred to above present fairly in all material respects, the financialposition of CRESTWOODRRH, LTD., as of December 31, 2007 and 2006, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were conducted for the purposeof forming an opinion on the basic financial statements taken as a whole.  The supplemental information is presented forthe purpose of additional analysis and is not a required part of the basicfinancial statements.  This supplementalinformation is the responsibility of the Partnership’s management.  Such information has been subjected to theauditing procedures applied in our audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects when consideredin relation to the basic financial statements taken as a whole.

 

 

****/S/ Pailet, Meunier and LeBlanc CPA****

Pailet,Meunier and LeBlanc CPA

Metairie,LA

 

February 25, 2008

 

3

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**CRESTWOOD RRH, LTD.**

**(A FLORIDA LIMITED PARTNERSHIP)**

** **

**BALANCE SHEETS**

**DECEMBER31, 2007**AND2006

** **

ASSETS

 
| ** **                                    | ** ** | **2007**   | ** ** | **2006**   | ** ** |
|-----------------------------------------------|------------|------------|------------|------------|------------|
| CURRENT ASSETS                                |       |       |       |       |       |
| Cash and cash equivalents                     |       | $          | 107,951    |       | $          | 67,142 |   |
| Accounts receivable                           |       | 5,954      |       | 7,281      |       |
| Prepaid expenses and other current assets     |       | 500        |       | 500        |       |
|                                          |       |       |       |       |       |
| TOTAL CURRENT ASSETS                          |       | 114,405    |       | 74,923     |       |
|                                          |       |       |       |       |       |
| RESTRICTED DEPOSITS AND FUNDED RESERVES       |       |       |       |       |       |
| Tenants’ security deposits               |       | 50,750     |       | 49,750     |       |
| Real estate tax and insurance escrow          |       | 153,936    |       | 51,449     |       |
| Replacement reserve escrow                    |       | 309,156    |       | 242,242    |       |
|                                          |       |       |       |       |       |
| TOTAL RESTRICTED DEPOSITS AND FUNDED RESERVES |       | 513,842    |       | 343,441    |       |
|                                          |       |       |       |       |       |
| RENTAL PROPERTY                               |       |       |       |       |       |
| Buildings and components                      |       | 8,551,027  |       | 8,551,027  |       |
| Development and acquisition fees              |       | 1,877,705  |       | 1,877,705  |       |
| Furniture and equipment                       |       | 798,528    |       | 798,528    |       |
|                                          |       |       |       |       |       |
|                                          |       | 11,227,260 |       | 11,227,260 |       |
| Less accumulated depreciation                 |       | (6,356,612 | )          | (5,950,079 | )          |
|                                          |       |       |       |       |       |
|                                          |       | 4,870,648  |       | 5,277,181  |       |
| Land                                          |       | 360,000    |       | 360,000    |       |
|                                          |       |       |       |       |       |
| NET RENTAL PROPERTY                           |       | 5,230,648  |       | 5,637,181  |       |
|                                          |       |       |       |       |       |
| OTHER ASSET                                   |       |       |       |       |       |
| Deferred loan costs (net of amortization)     |       | 105,952    |       | 116,548    |       |
|                                          |       |       |       |       |       |
|                                          |       | $          | 5,964,847  |       | $          | 6,172,093 |   |

 

Theaccompanying notes are an integral part of these financial statements.

 

4

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**CRESTWOOD RRH, LTD.**

**(A FLORIDA LIMITED PARTNERSHIP)**

** **

**BALANCE SHEETS**

**DECEMBER31, 2007**AND2006

** **

LIABILITIES AND EQUITY (DEFICIT)

 
| ** **                           | ** ** | **2007**  | ** ** | **2006**  | ** ** |
|--------------------------------------|------------|-----------|------------|-----------|------------|
| CURRENT LIABILITIES                  |       |      |       |      |       |
| Current maturities of long-term debt |       | $         | 186,680    |      | $          | 170,247 |   |
| Accounts payable                     |       | 522,407   |       | 429,360   |       |
| Accrued management fee               |       | 120,000   |       | 100,000   |       |
| Accrued interest                     |       | 24,321    |       | 25,634    |       |
|                                 |       |      |       |      |       |
| TOTAL CURRENT LIABILITIES            |       | 853,408   |       | 725,241   |       |
|                                 |       |      |       |      |       |
| DEPOSITS AND PREPAYMENT LIABILITIES  |       |      |       |      |       |
| Tenants’ security deposits      |       | 50,750    |       | 49,750    |       |
|                                 |       |      |       |      |       |
| LONG-TERM LIABILITIES                |       |      |       |      |       |
| Loan payable - affiliate             |       | 55,000    |       | 55,000    |       |
| Mortgage payable                     |       | 3,155,216 |       | 3,325,463 |       |
| Less current maturities.             |       | (186,680  | )          | (170,247  | )          |
| Advances from General Partner        |       | 147,168   |       | 131,168   |       |
|                                 |       |      |       |      |       |
| TOTAL LONG-TERM LIABILITIES          |       | 3,170,704 |       | 3,341,384 |       |
|                                 |       |      |       |      |       |
| TOTAL LIABILITIES                    |       | 4,074,862 |       | 4,116,375 |       |
|                                 |       |      |       |      |       |
| PARTNERS’ EQUITY (DEFICIT)      |       | 1,889,985 |       | 2,055,718 |       |
|                                 |       |      |       |      |       |
|                                 |       | $         | 5,964,847  |      | $          | 6,172,093 |   |

 

Theaccompanying notes are an integral part of these financial statements.

 

5

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**CRESTWOOD RRH, LTD.**

** **

**STATEMENTS OF OPERATIONS**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

 
| ** **                                    | ** ** | **2007**  | ** ** | **2006**  | ** ** |
|-----------------------------------------------|------------|-----------|------------|-----------|------------|
| REVENUES:                                     |       |      |       |      |       |
| Rental                                        |       | $         | 1,391,901  |      | $          | 1,310,504 |   |
| Laundry                                       |       | 2,317     |       | 2,576     |       |
| Security deposits earned                      |       | 21,123    |       | 18,323    |       |
| Other                                         |       | 30,103    |       | 34,293    |       |
|                                          |       |      |       |      |       |
| TOTAL REVENUES                                |       | 1,445,444 |       | 1,365,696 |       |
|                                          |       |      |       |      |       |
| EXPENSES:                                     |       |      |       |      |       |
| Maintenance and operating                     |       | 341,443   |       | 387,606   |       |
| Utilities                                     |       | 43,858    |       | 43,634    |       |
| Administrative                                |       | 213,231   |       | 226,297   |       |
| Taxes and insurance                           |       | 281,553   |       | 206,984   |       |
| Interest                                      |       | 299,195   |       | 314,297   |       |
| Depreciation and amortization                 |       | 417,129   |       | 406,673   |       |
|                                          |       |      |       |      |       |
| TOTAL EXPENSES                                |       | 1,596,409 |       | 1,585,491 |       |
|                                          |       |      |       |      |       |
| INCOME (LOSS) FROM RENTAL OPERATIONS          |       | (150,965  | )          | (219,795  | )          |
|                                          |       |      |       |      |       |
| OTHER INCOME AND (EXPENSES):                  |       |      |       |      |       |
| Interest income                               |       | 5,232     |       | 3,524     |       |
| Partnership management and reporting fees     |       | (20,000   | )          | (20,000   | )          |
| Gain (loss) on disposition of rental property |       | -0-       |       | (31,607   | )          |
|                                          |       |      |       |      |       |
| TOTAL OTHER INCOME AND (EXPENSES)             |       | (14,768   | )          | (48,083   | )          |
|                                          |       |      |       |      |       |
| NET INCOME (LOSS)                             |       | $         | (165,733   | )         | $          | (267,878 | ) |

 

Theaccompanying notes are an integral part of these financial statements.

 

6

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**CRESTWOOD RRH, LTD.**

** **

**STATEMENTS OF CHANGES IN PARTNERS’ EQUITY(DEFICIT)**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

 
| ** **                                                        | ** ** | **Total** | ** ** | **General  Partner(s)** | ** ** | **Limited   Partner(s)** | ** ** |
|-------------------------------------------------------------------|------------|-----------|------------|-------------------------|------------|-------------------------------|------------|
| Partners’ equity (deficit) -  January 1, 2006 |       | $         | 2,224,158  |                    | $          | 327,748                       |       | $ | 1,896,410 |   |
|                                                              |       |      |       |                    |       |                          |       |
| Net income (loss)                                                 |       | (267,878  | )          | (2,679                  | )          | (265,199                      | )          |
|                                                              |       |      |       |                    |       |                          |       |
| *Prior period adjustment                                          |       | 99,437    |       | 994                     |       | 98,444                        |       |
|                                                              |       |      |       |                    |       |                          |       |
| Partners’ equity (deficit) - December 31, 2006               |       | 2,055,718 |       | 326,063                 |       | 1,729,655                     |       |
|                                                              |       |      |       |                    |       |                          |       |
| Net income (loss)                                                 |       | (165,733  | )          | (1,657                  | )          | (164,076                      | )          |
|                                                              |       |      |       |                    |       |                          |       |
| Partners’ equity (deficit) - December 31, 2007               |       | $         | 1,889,985  |                    | $          | 324,406                       |       | $ | 1,565,579 |   |

 

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*Prior year net losses frominvoluntary conversion have been capitalized to building and components.

 

The accompanying notes arean integral part of these financial statements.

 

7

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**CRESTWOOD RRH, LTD.**

** **

**STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

 
| ** **                                                                                          | ** ** | **2007** | ** ** | **2006** | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|----------|------------|----------|------------|
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                               |       |     |       |     |       |
| Net income (loss)                                                                                   |       | $        | (165,733   | )        | $          | (267,878 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used  by) operating activities: |       |     |       |     |       |
| Depreciation and amortization                                                                       |       | 417,129  |       | 406,673  |       |
| (Gain) loss on disposal of rental property                                                          |       | -0-      |       | 31,607   |       |
| Changes in:                                                                                         |       |     |       |     |       |
| Accounts receivable                                                                                 |       | 1,327    |       | 4,649    |       |
| Tax and insurance escrow                                                                            |       | (102,487 | )          | 1,223    |       |
| Accounts payable                                                                                    |       | 93,047   |       | 108,631  |       |
| Accrued expenses                                                                                    |       | 18,687   |       | 18,803   |       |
|                                                                                                |       |     |       |     |       |
| TOTAL ADJUSTMENTS                                                                                   |       | 427,703  |       | 571,586  |       |
|                                                                                                |       |     |       |     |       |
| NET CASH PROVIDED BY (USED BY)  OPERATING ACTIVITIES                                                |       | 261,970  |       | 303,708  |       |
|                                                                                                |       |     |       |     |       |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                               |       |     |       |     |       |
| Deposits to reserve for replacements                                                                |       | (66,914  | )          | (66,166  | )          |
| Purchase of rental property                                                                         |       | -0-      |       | (122,958 | )          |
|                                                                                                |       |     |       |     |       |
| NET CASH PROVIDED BY (USED BY) INVESTING ACTIVITIES                                                 |       | (66,914  | )          | (189,124 | )          |
|                                                                                                |       |     |       |     |       |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                               |       |     |       |     |       |
| Advances from General Partner                                                                       |       | 16,000   |       | 51,000   |       |
| Repayments to General Partner                                                                       |       | -0-      |       | (12,000  | )          |
| Principal payments on mortgage loan                                                                 |       | (170,247 | )          | (155,261 | )          |
|                                                                                                |       |     |       |     |       |
| NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES                                                 |       | (154,247 | )          | (116,261 | )          |
|                                                                                                |       |     |       |     |       |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                |       | 40,809   |       | (1,677   | )          |
|                                                                                                |       |     |       |     |       |
| CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR                                                       |       | 67,142   |       | 68,819   |       |
|                                                                                                |       |     |       |     |       |
| CASH AND CASH EQUIVALENTS - END OF YEAR                                                             |       | $        | 107,951    |     | $          | 67,142 |   |
|                                                                                                |       |     |       |     |       |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                                   |       |     |       |     |       |
| Cash paid during the year for interest                                                              |       | $        | 300,508    |     | $          | 315,494 |   |

 

Theaccompanying notes are an integral part of these financial statements.

 

8

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**CRESTWOOD RRH, LTD.**

** **

**NOTES TO THE FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

 

##### A.           ORGANIZATION

#####  

The Partnership was formed as a LimitedPartnership under the laws of the State of Florida, onDecember 13, 1989, for the purpose of acquiring land, owning, constructing and operatinga 216 unit multi-family rental housing project.

 

##### B.             SIGNIFICANT ACCOUNTING POLICIES

#####  

###### Accounting Method

 

The accompanying financial statements havebeen prepared on the accrual basis of accounting.

 

###### Property and Equipment

 

Buildings, improvements and equipment arebeing depreciated on various methods over 5 to 27.5 years for both financialstatement and income tax accounting purposes. Expenditures for maintenance and repairs are charged to expense asincurred.  The Partnership reviews itsinvestment in real estate for impairment whenever events or changes incircumstances indicate that the carrying value of such property may not berecoverable.  There were no impairmentlosses recognized in 2007 or 2006.

 

###### Amortization

 

Deferred loan costs are amortized over theterms of the loan using the straight-line method.

 

###### Rental Income

 

Rental income is recognized as rentalsbecome due.  Rental payments received inadvance are deferred until earned.  Allleases between the Partnership and the tenants of the property are operatingleases.

 

###### Use of Estimates

 

The preparation of financial statements inconformity with accounting principles generally accepted in the United Statesof America requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting period.  Actual results could differ from thoseestimates.

 

###### Cash and Cash Equivalents

 

For the purposes of the statement of cashflows, the Partnership considers all highly liquid debt instruments purchasedwith an original maturity of three months or less to be cash equivalents.

 

9

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**CRESTWOOD RRH, LTD.**

** **

**NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

 

##### C.             INCOME TAXES

#####  

No income tax provision has been includedin the financial statements because income or loss of the Partnership isrequired to be reported by the respective partners on their income tax returns.

 

##### D.            MORTGAGE PAYABLE

#####  

The mortgage payable is to CAPMARK and iscollateralized by a first mortgage on the rental property.  The mortgage bears interest at 9.25% per annum.  The loan isbeing amortized as follows:

 

$39,230  payable monthly until theprincipal and interest are fully paid except that the final installment shallbe due and payable on July 1,2018.

 

Maturities of the note payable are asfollows for the years ended December 31:

 
| 2008       |   | $         | 186,680   |   |
|------------|--------|-----------|-----------|--------|
| 2009       |   | 204,700   |      |
| 2010       |   | 224,458   |      |
| 2011       |   | 246,124   |      |
| 2012       |   | 269,880   |      |
| Thereafter |   | 2,023,374 |      |
|       |   |      |      |
|       |   | $         | 3,155,216 |   |

 

E.              TRANSACTIONSWITH RELATED PARTIES

 

An affiliate performs rental,administrative and accounting services for CRESTWOOD RRH, LTD. in its capacity as managing agent of theProject for which the affiliate received $84,045 in 2007 and $78,901 in 2006. The affiliate has also advanced the Partnership funds to cover cash flowdeficits.  No amounts were advanced orpaid back during 2007 and 2006. The balance owed as of 2007 and 2006 was $55,000.

 

The Partnership is committed to pay annualmanagement and reporting service fees of $20,000 to its General Partner and anaffiliate of the Limited Partner if and when sufficient cash flow, as definedin the partnership agreement, is available. The Partnership accrued management and reporting fees of $20,000 in 2007 and 2006, respectively.

 

The General Partner is obligated throughthe terms of the Partnership to advance funds to the Partnership to coverdeficits that may arise, as defined in the partnership agreement.  During 2007 and 2006, $16,000 and $51,000, respectively, was advanced to cover cashflow deficits.  Amounts paid back during 2007 and 2006 were $0 and $12,000, respectively.  The balance owing as of December 31,2007 and 2006 was $147,168 and $131,168, respectively.

 

10

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**CRESTWOOD RRH, LTD.**

** **

**NOTES TO THE FINANCIAL STATEMENTS(CONTINUED)**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

 

##### F.              VULNERABILITY DUE TO CERTAINCONCENTRATIONS

#####  

The Partnership’s operations areconcentrated in the multifamily real estate market.  In addition, the Partnership operates in aheavily regulated environment.  Theoperations of the Partnership are subject to the administrative directives, rules andregulations of federal, state and local regulatory agencies.  Such administrative directives, rules andregulations are subject to change by acts of or administrative changes mandatedby these regulatory agencies.  Suchchanges occur with little notice or inadequate funding to pay for the relatedcost, including the additional administrative burden, to comply with a change.

 

G.             TAXABLEINCOME (LOSS)

 

A reconciliation of financial statement netincome (loss) to taxable income (loss) of the Partnership for the years ended December 31,2007 and 2006 is as follows:

 

 
| ** **                            | ** ** | **2007**   | ** ** | **2006**   | ** ** |
|---------------------------------------|------------|------------|------------|------------|------------|
| ** **                            | ** ** | ** ** | ** ** | ** ** | ** ** |
| Financial statement net income (loss) |       | $          | (165,733   | )          | $          | (267,878 | ) |
|                                  |       |       |       |       |       |
| Adjustments:                          |       |       |       |       |       |
| Depreciation                          |       | -0-        |       | (8,837     | )          |
| Gain (loss) on disposition of asset   |       | -0-        |       | (60        | )          |
|                                  |       |       |       |       |       |
| Taxable income (loss)                 |       | $          | (165,733   | )          | $          | (276,775 | ) |

 

H.            CONCENTRATIONOF CREDIT RISK

 

ThePartnership has funds exceeding $100,000 during the year in a single financialinstitution which exceeds the Federal Deposit Insurance Corporation insurablelimits.

 

11

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**CRESTWOOD RRH, LTD.**

** **

**SCHEDULES OF EXPENSES**

**FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006**

** **
| ** **                           | ** ** | **2007** | ** ** | **2006** | ** ** |
|--------------------------------------|------------|----------|------------|----------|------------|
| MAINTENANCE AND OPERATING            |       |     |       |     |       |
| Repairs                              | - payroll  |     | $          | 69,076   |       | $ | 69,197 |   |
|                                 | - supply   |     | 48,495     |     | 65,967     |   |
|                                 | - contract |     | 67,252     |     | 108,829    |   |
| Painting and decorating              |       | 19,572   |       | 28,030   |       |
| Grounds                              |       | 33,507   |       | 36,868   |       |
| Services                             |       | 49,982   |       | 40,572   |       |
| Furniture and furnishing replacement |       | 53,559   |       | 38,143   |       |
|                                 |       |     |       |     |       |
|                                 |       | $        | 341,443    |     | $          | 387,606 |   |
| UTILITIES                            |       |     |       |     |       |
| Electricity                          |       | $        | 28,018     |     | $          | 28,444 |   |
| Water                                |       | 2,584    |       | 2,793    |       |
| Sewer                                |       | 4,769    |       | 4,775    |       |
| Fuel                                 |       | 3,562    |       | 3,145    |       |
| Garbage and trash removal            |       | 3,846    |       | 3,393    |       |
| Other utilities                      |       | 1,079    |       | 1,084    |       |
|                                 |       |     |       |     |       |
|                                 |       | $        | 43,858     |     | $          | 43,634 |   |
| ADMINISTRATIVE                       |       |     |       |     |       |
| Site management payroll              |       | $        | 46,007     |     | $          | 34,724 |   |
| Management fee                       |       | 84,045   |       | 78,901   |       |
| Auditing                             |       | 6,650    |       | 8,691    |       |
| Legal                                |       | 4,048    |       | 16,977   |       |
| Advertising                          |       | 14,747   |       | 13,429   |       |
| Telephone                            |       | 3,998    |       | 5,436    |       |
| Office supplies                      |       | 24,177   |       | 37,300   |       |
| Health insurance                     |       | 9,639    |       | 7,687    |       |
| Payroll taxes                        |       | 11,513   |       | 10,592   |       |
| Training                             |       | 133      |       | 325      |       |
| Workmen’s compensation          |       | 8,274    |       | 6,998    |       |
| Other administrative expenses        |       | -0-      |       | 5,237    |       |
|                                 |       |     |       |     |       |
|                                 |       | $        | 213,231    |     | $          | 226,297 |   |
| TAXES AND INSURANCE                  |       |     |       |     |       |
| Real estate taxes                    |       | $        | 120,268    |     | $          | 131,021 |   |
| Other taxes, licenses and permits    |       | 1,759    |       | 1,451    |       |
| Property and liability insurance     |       | 159,526  |       | 74,512   |       |
|                                 |       |     |       |     |       |
|                                 |       | $        | 281,553    |     | $          | 206,984 |   |

 

12

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